Pkrevenue.com

Day: July 30, 2021

  • FPCCI urges reconsidering COVID lockdown decision

    FPCCI urges reconsidering COVID lockdown decision

    KARACHI: The apex trade body of the country on Friday urged the Sindh government to review its lockdown decision.

    The Sindh government announced a strict lockdown in the province to prevent the spread of coronavirus.

    Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) appealed the Sindh government to reconsider lockdown decision.

    The apex trade body said the decision would result in major losses to the industry.

    He added that all industries should be allowed to operate seven days a week and continue their production – unabatedly. 

    Mian Nasser Hyatt Maggo also stressed that the restaurants should be allowed to continue 24 hours takeaway and delivery services.

    He also suggested that in order to facilitate common man, all grocery stores in the province should be allowed to operate seven days a week till 8 pm.

    Mian Nasser Hyatt Maggo maintained that Pakistan’s economic hub Karachi should not be completely locked down in the larger national interest.

    He recommended that the only solution out of the current situation – without causing any harm to businesses and employment opportunities –is to allow business and economic activities under strict compliance of SOPs and mandatory vaccination of the workforce.

    Mian Nasser Hyatt Maggo said that if industries and businesses remain under restrictions, we will not be able to pay salaries. He added that FPCCI is ever-ready to fully support the Government of Sindh in order to create a thriving economic environment in the province. 

    FPCCI hopes that its concerted appeal to the Government of Sindh will result in reconsideration of the strict decisions taken and will result in a more compliant environment in the province vis-à-vis COVID control –and, yet protect the economic and employment opportunities through taking all stakeholders onboard.

  • Stocks tumble on enforcement of COVID lockdown

    Stocks tumble on enforcement of COVID lockdown

    KARACHI: The stock exchange ended down by 257 points on Friday after the Sindh government to impose strict lockdown to prevent spread of coronavirus.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,056 points as against previous day’s close of 47,312 points, showing a decline of 257 points.

    Analysts at Arif Habib Limited said that with the optimism of deferring the COVID lockdown, the market added 330 points earlier in the session today, however, government’s decision to impose strict lock down in the face of rising COVID cases eroded all the earlier gains and caused the Index to tumble.

    Banks, O&GMCs, Cement, Chemical, Refinery and Technology sectors bore the brunt of lockdown, whereas steel sector performed well due to announcement of price increase by flat steel manufacturers.

    Among scrips, WTL led the table with 39.2 million shares, followed by BYCO (38.4 million) and TELE (24.6 million).

    Sectors contributing to the performance include Technology (-54 points), Fertilizer (-45 points), Cement (-35 points), Banks (-27 points) and Textile (-17 points).

    Volumes increased from 376.4 million shares to 399.1 million (6 per cent DoD). Average traded value also increased by 12 per cent to reach US$ 84.8 million as against US$ 75.7 million.

    Stocks that contributed significantly to the volumes include WTL, BYCO, TELE, HUMNL and TPL, which formed 34 per cent of total volumes.

    Stocks that contributed positively to the index include EFERT (+12 points), MEBL (+11 points), PSX (+10 points), HMB (+9 points) and SCBPL (+8 points). Stocks that contributed negatively include TRG (-47 points), FFC (-44 points), HBL (-39 points), LUCK (-23 points) and PPL (-17 points).

  • Rupee depreciates by 54 paisas against dollar

    Rupee depreciates by 54 paisas against dollar

    KARACHI: The Pak Rupee ended down by 54 paisas against the dollar on Friday owing to higher demand of the foreign currency for advance import payments.

    The rupee ended Rs162.43 to the dollar from previous day’s closing of Rs161.89 in the interbank foreign exchange market.

    Currency experts said that the market witnessed higher demand of the dollar for import payments ahead of weekly holidays.

    The currency experts said that the rupee was depreciating due to higher import payments because of better economic growth.

    However, they said that the lockdown would discourage the demand of dollar for import payments.

  • KIBOR rates for July 30, 2021

    KIBOR rates for July 30, 2021

    KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on July 30, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.967.46
    1 – Month7.017.51
    3 – Month7.137.38
    6 – Month7.347.59
    9 – Month7.447.94
    1 – Year7.538.03
  • KCCI opposes lockdown, suggests forceful vaccination, strict implementation of SOPs

    KCCI opposes lockdown, suggests forceful vaccination, strict implementation of SOPs

    KARACHI, January 30, 2024 — Chairman of the Businessmen Group (BMG) and Former President of the Karachi Chamber of Commerce & Industry (KCCI), Zubair Motiwala, expressed strong opposition to the implementation of lockdown as a strategy to combat the ongoing pandemic. Instead, he emphasized the need for a robust vaccination campaign and strict adherence to Standard Operating Procedures (SOPs) to curb the spread of COVID-19.

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  • SBP issues customers exchange rates for July 30

    SBP issues customers exchange rates for July 30

    KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.

    The SBP said the data compiled and disseminated for information only.

    These exchange rates are estimates that quoted by various commercial banks to their clients.

    The banks provide their indicative exchange rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED4 4.23434 4.3285
    AUD1 19.84831 20.0976
    CAD1 30.38401 30.6608
    CHF1 78.95521 79.3260
    CNY2 5.15392 5.2042
    EUR1 92.88241 93.2971
    GBP2 26.34502 26.8323
    JPY1 .48171 .4849
    SAR4 3.28974 3.3844
    USD1 62.33311 62.6964
  • Pakistan Stock Exchange imposes coronavirus restrictions

    Pakistan Stock Exchange imposes coronavirus restrictions

    KARACHI: The Pakistan Stock Exchange (PSX) has introduced strict Standard Operating Procedures (SOPs) for entry into its premises to curb the potential spread of the coronavirus pandemic.

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  • Telecard Limited becomes Shariah compliant company

    Telecard Limited becomes Shariah compliant company

    KARACHI: Al-Hilal Shariah Advisors (Pvt.) Limited has approved Telecard Limited for qualifying Shariah compliant company, a notification said on Friday.

    It said that Al-Hilal Shariah Advisors (Pvt.) Limited had conducted Shariah Compliance Screening of Telecard Limited based on the financial statements of March 31, 2021.

    “We have thoroughly analyzed the financial statement on the basis of various Shariah screening criteria issued by our Shariah Supervisory Council.”

    In light of the information provided and our evaluation, we found that the company has passed the 4 out of 5 shariah screening filter while 1 filter i.e. Illiquid  Assets to Total Assets ratio is slightly below the desired threshold level, it said.

    The Shariah Supervisory Council of Al Hilal Shariah Advisors concluded that the issue considerable illiquid assets remain a problem for services sector companies, since they do not have considerable illiquid assets because of their nature of business and Asset light model and this becomes a hurdle for Shariah compliance clearance for such companies.

    In this regard, the Shariah Supervisory Council of Al Hilal Shariah Advisors recommends that the illiquid Assets to Total Assets ratio may not be considered while evaluating shariah compliance for such service providing companies given that the company financials meet the other desired criteria.

    As per the above statement, the Shariah Board has approved the company to be Shariah Compliant.

    Hence it is resolved that it is permissible to invest in shares of Telecard Limited.

  • Pak Rupee to Saudi Riyal on July 30, 2021

    Pak Rupee to Saudi Riyal on July 30, 2021

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 30, 2021:

    Buying: Rs 43.00 to the Saudi Riyal

    Selling: Rs 43.50 to the Saudi Riyal

    We update rates hourly so we can offer you the best SAR to PKR.

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Pak Rupee to UAE Dirham on July 30, 2021

    Pak Rupee to UAE Dirham on July 30, 2021

    As of July 30, 2021, the buying and selling rates of one UAE Dirham (AED) in Pakistani Rupees (PKR) in the open market are as follows:

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